Marketing & Product Development. Patrick Mawhood Head of Product Manufacturing, Sky IQ

Transcription

1 Marketing & Product Development Patrick Mawhood Head of Product Manufacturing, Sky IQ

2 Outcomes from this session Research Deliver Market Grasp the basics of market research Know the role of products Focus on the right ideas Deliver them effectively Market them successfully Marketing & Product Development Patrick Mawhood

3 Market Research Environment

4 Market Research > Introduction What is it? The gathering and analysis of information to qualify or identify opportunities. It adds value by.. Pinpointing your customer Describing their traits Sizing their propensity to buy Guiding your pricing approach Benchmarking with the competition All of this qualifies your opportunity. Marketing & Product Development Patrick Mawhood Environment

5 Market Research > Introduction How should you do it? Many of us do it unconsciously Market research just applies the framework: Let s look at the 7 key steps: 1. Define the Opportunity 2. Set Objectives 3. Select Research Approach 4. Design the Questionnaire 5. Collect the Data 6. Analyse 7. Apply the Findings Marketing & Product Development Patrick Mawhood Environment

6 Market Research > The 7 Steps 1 Define the Opportunity To start with, be clear about what the opportunity or problem is: A new product or service? To raise awareness of a current offering? To boost the usage of a well known or publicised product? Keep this in mind throughout your research. Marketing & Product Development Patrick Mawhood

7 Market Research > The 7 Steps 2 Set Objectives Be clear about the outcomes you are looking for: Exploring a new opportunity? Gauging a potential price point? Testing a packaging strategy? Establish a budget and stick to it. How much do you need? How much do you have? 2% gross sales is a common proportion Set a realistic timescale Marketing & Product Development Patrick Mawhood

8 Market Research > The 7 Steps 3 Select Research Approach There are two types of research: Primary, original research Secondary research Base your choice on your objectives and your budget or..? Marketing & Product Development Patrick Mawhood

9 Market Research > The 7 Steps 4 Design the Questionnaire Keep it clear and simple Give instructions for completion Start general, become specific Keep questions concise Make it easy to read Use a mix of open ended, multiple choice and closed questions Test it before committing major spend Avoid questions that are: leading, ambiguous, unanswerable, two questions in one Marketing & Product Development Patrick Mawhood

10 Market Research > The 7 Steps 5 Collect the Data Best way to avoid bias is to use professional researchers (more cost) An alternative is an online survey (cheaper) > Try Survey Monkey for online surveys Marketing & Product Development Patrick Mawhood

11 Market Research > The 7 Steps 6 Analyse the Data Firstly it needs to be cleansed: Edit Collate Then analyse it: Quantify the results Separate out the subjective information Read between the lines, what does this really mean? > Use Excel for collating and analysing the data Marketing & Product Development Patrick Mawhood

12 Market Research > The 7 Steps 7 Apply the findings Now that you understand what the research is telling you, what are you going to do about it? Adjust your product? Discard your product? Change your marketing activities? Alter your prices? Be careful when you apply these changes use tests wherever possible Marketing & Product Development Patrick Mawhood

13 Environment Product Development

14 Product Development > Idea Generation Prospects Competitors Inspiration Customers Sales Engineers Designers

15 Product Development > Idea Generation Capture all of them Make them visible (use a simple tool) Get them criticised & reconstructed Stay focussed on the what Don t get hung up on the how

16 Product Development > Prioritisation Suggestion Idea Idea Finite resources Time to market Your own time Quality is expected Deals are riding on it Request Idea Demand

17 Product Development > Prioritisation by value Step 1: Score the value of each idea. Apply criteria based on your business goals o New revenue? o Revenue retention? o Adoption? o User Experience? Use a simple scale: 1 lowest, 5 highest

18 Product Development > Prioritisation Example The idea: a desktop search widget Does it generate new revenue? No. But it will encourage adoption of my software and will keep existing customers loyal. New Revenue Score: 0 Revenue Protection Score: 3 Adoption Score: 5 Score for this idea: 8

19 Product Development > Prioritisation Step 2: Score the complexity of each idea. Tailor these criteria to your business. o Infrastructure o Time o Resources Use a simple scale: 1 lowest, 5 highest.

20 Product Development > Prioritisation Example The idea: a desktop search widget How complex is it? Its pretty straightforward. 3 man weeks of development but only Fred can build this kind of thing. He s maxed out with our next major upgrade. We can mainly use existing infrastructure for most of it Infrastructure Score: 1 Resources Score: 3 Opportunity Cost Score: 5 Score for this idea: 9

21 Product Development > A simple approach to priorities VALUE COMPLEXITY

22 Product Development > Delivery Two key development methods: o Agile incremental, iterative o Predictive, waterfall - planned Pros & Cons o The agile approach can adapt to market changes o The waterfall approach is suited to delivering major step changes

23 Product Development > Delivery Stakeholder engagement o Ideas phase make sure the right people are involved o Initiation phase you re serious about evaluating the initiative in detail o Commitment you ve sized the effort involved and you re seeking a formal commitment o Ready For External Eyes it s been built and tested and is ready to show to a customer o Ready For Full Launch you ve shown it to some customers, you ve tweaked it a bit. Now its ready for a wider launch

24 Product Development > Summary Recognise the three cornerstones: o Idea Generation o Prioritisation o Delivery Force yourself to make decisions Share your decisions and the reasoning behind them with your stakeholders This creates a virtuous circle

25 Environment Marketing Communications

26 Marketing Communications > Introduction What is Marketing Communications? The promotion bit of marketing How is it done? Direct marketing targeted, trackable & measurable. Mass advertising focus on building and maintaining brand awareness Public Relations (PR) generating and maximising free editorial coverage Marketing & Product Development Patrick Mawhood

27 Marketing Communications > Introduction What are the tools to use? Social media Search marketing (online) TV advertising Outdoor display Print advertising Telesales Mailings Face to face selling Marketing & Product Development Patrick Mawhood

28 Marketing Communications > PR What s the purpose of PR? To get your name known An agency can be costly. Start by taking good care of your first customers, this will lead to referrals. Give them more than they expect: o Be on time o Return their calls promptly o Give them more than they were expecting. Get the basics right return calls, be on time Make sure you have a clear and consistent brand identity Build up your reputation as an expert in your field Do something attention grabbing to attract positive media attention to your business Marketing & Product Development Patrick Mawhood

29 Marketing Communications > Social Media How can Social Media help build your business? Establish a reputation (LinkedIn) Keep customers updated, well served (Twitter) Leverage referrals to drive sales (Facebook) All of this at next to no cost! Get signed up and start interacting with your audience Marketing & Product Development Patrick Mawhood

30 Marketing Communications > Search & Online Marketing Get a website Build a web presence Natural page ranking (painstaking, time consuming) Buy traffic (targeted, cost effective) Offset your traffic purchases by displaying other people s ads Ad Ad Ad Ad Ad Ad Your site Stay on top of your spend! Google has tools to help you with this < > If coding isn t your thing, a cheap alternative is 1&1 hosting Marketing & Product Development Patrick Mawhood

31 Thank you and good luck